In this time of making a crucial decision of investing in a property, it is imperative to pose the right and relevant questions to your developer whether you are purchasing an apartment, townhouse or a villa. Buying a condo is fraught with several risks. From selecting the right builder to ensuring that he is the actual owner of the land on which he is developing the project, there are many issues that you need to look into before deciding to put your life’s savings in a builder’s project. Here are some of the questions you must ask your developers to get abreast about your investment credentials.
1. Question about Land Acquisition.
Sometimes developers start selling apartments before land acquisition. Enquire the builder for the proof and other details if the property is entirely free from litigation. The developer may manage to purchase most of the land needed but gets involved in disputes over the remaining property. Now if the situation arises when your apartment comes under the remaining property to be purchased then its a trouble you would not like to get into.
2. Ask developer about the legal title.
Enquire about the ownership of the property with papers demonstrating the same. Each plot today has a unique verification number; ask for it to know in whose name that property is registered. Another alternative can be appointing a lawyer to conduct a title search. It may help to determine any dispute over the land.
3. Is the approval layout plan in place?
Every property is licensed and granted through the permission from the area’s town planning authority to develop a project. Ask about such license obtained; also every license has a unique number of its own. Most of the time developers mention the license number in their printed ads. Some approvals like Building approval, Water environment and pollution, height clearance and NOC from authorities like airport are prime approvals that are received before construction begins. Approvals are the leading cause of project delays, be informed to avoid such circumstances.
4. What will happens if the project does not get completed on schedule or plan changes?
A genuine builder will provide a well-defined contract stating that if there is any delay in delivering the completed structure, then a certain amount will be paid till delivery is made. This clause will cover you from exploitative builders who may be using your funds and savings to line their own pockets and in the end, will provide you with a substandard building. One more factor of change in plans on an ongoing project should be taken into account. Though builders sometimes insist that every detail should be given to them before starting construction, there are situations when you may want to make little changes to suit the aesthetics, and the project manager may not be willing to make them out of sheer obstinacy.
5. Ask about developers past projects.
It is imperative to investigate a builder’s past works by making visits to their previous projects. Some of the information about the quality of construction and project deliverables from customers are the parameters to go about collecting information about builder’s work. The best among real-estate developer will give you details about the contractors involved in different parts of their projects and financial backers.
Following is a list of the best real estate developers in India who can make your investment of a lifetime worth every penny and for more information do check the official real estate company websites of the respective brands listed below:
Unitech real estate.
Oberoi Realty.
Ansal API.
Jaypee Group.
Godrej Properties.
